Quicken Loans have helped well in excess of one million families finance their homes, since 1985. In fact, in celebration of being their millionth customer, the Carbo family of Colchester, CT, were lucky enough to receive a check of $255,000 to pay off their mortgage and associated taxes. This was part of the “Thanks a Million Giveaway” that Quicken Loans organized to celebrate closing their one-millionth loan.
Quicken Loans now have the distinction of being the number one online lender and the 5th largest retail home loan lender in America. They also received an A+ rating from the Better Business Bureau, and it is estimated (from numerous in-house surveys) that 94% of their customers would recommend them to family and friends.
Quicken Loans have primarily become known as a call center based operation, but they have over 4000 home loan experts to help customers with their inquiries and applications. They are based in Detroit, Michigan and offer a wide range of mortgage products including a 30 year fixed, 15 year fixed, 5/1 Adjustable rate mortgage, FHA loans, Jumbo loans, and a whole host more.
Currently their most popular mortgage product is the 30 year fixed rate home loan. The mortgage is fixed at 4.75% (4.792% APR), and is ideal for borrowers who are looking to stay in their home for many years, prefer a consistent monthly mortgage payment that allows them to budget, and peace of mind, as they know their payment will never change.
Quicken Loans also offer a 15 year fixed mortgage at 3.625% (3.99% APR) for borrowers who are still looking for a consistent rate and payment, but would like to pay less interest over the course of the loan, thus allowing them to pay off their mortgage as quickly as possible.
Their adjustable rate mortgages include the 5 year adjustable rate at 2.75% (3.068% APR) which can help borrowers significantly reduce the cost of their mortgage, offers one of the lowest rates available in the market, and is ideal for families who may wish to refinance in the next 5 years. Their 7 year adjustable rate mortgage has an interest rate of 2.99% (3.191% APR).
In addition to their extremely helpful and information-packed website, Quicken Loans also offer their own state of the art loan processing portal known as – “My Quicken Loans”. Customer will open a My Quicken Loans account after they apply and this will allow them to sign application documents electronically, download and print important loan information, upload documents, and to check their loan status at anytime. A Quicken Loan customer will simply require a username and password, which will be issued by their mortgage expert, to access this fantastic portal.
Quicken Loans offer a number of mortgage products for people looking to buy a home, as well as refinance deals, which offer a great opportunity for customers to lower their monthly payments, consolidate their debts, get cash from their home, keep their payment from increasing, and there is even the ability to raise cash from an investment property. They also have their very own reverse mortgage company, One Reverse Mortgage, which is specifically aimed at people aged 62 or over, and can help them extract cash from their home, even though they are fast approaching retirement.
Quicken Loans offer Federal Housing Association (FHA) loans which are far easier to qualify for and offer low rates with government-backed security. An FHA loan is ideal for borrowers who require less stringent qualification and credit requirements, have less that 20% down payment or home equity, and those who would prefer the security of a government-insured loan.
Their FHA loans are all available as fixed rates for 15, 20, 25 or 30-year terms. A borrower with a credit score as low as 580 may qualify and they even offer a 5-year adjustable rate mortgage. FHA Loans will allow borrowers to refinance up to 97.75% of their home’s primary value, and they can also buy their primary home with as little as 3.5% down.
Finally, Quicken Loans also offer a range of VA loans which are specifically geared towards veterans, members of the military, or a surviving spouse of a veteran. These loans come with the minimum of red tape and are typically approved extremely quickly. Their VA loans even offer the option of refinancing up to 100% or buying a home with no down payment.
Quicken Loans pride themselves on their 7-step loan process:
1) They will initially connect with a customer and guide them through the process.
2) Next they will check the customer’s credit and then provide them with their loan options.
3) They will then send the customer a good faith estimate and then accept their deposit.
4) They will order an appraisal.
5) They will then verify the customer’s income and other financial information.
6) They will process and underwrite the loan.
7) And finally they will close the loan.